Automated Title Offerings Result in Reduced Costs,
Better Production & Faster Delivery of Title Products
Anaheim Hills, Calif. – May 5, 2006 – Substantial industry savings, better production workflow, improved accuracy and faster delivery of title products are among the factors contributing to the title industry’s heightened focus on automation’s impact on business. The increased focus on real-time electronic property and borrower data was the subject of a panel discussion presented at the American Land Title Association’s Tech Forum conference in Las Vegas this week. The educational panel discussion involved automated title software and service provider NextAceSM (www.nextace.com), together with principals of REIData Inc. (www.reidata.com) and NAZCA Solutions Inc. (www.nazcainc.com).
“The multi-billion dollar title industry is under pressure to improve processes and lower costs,” said NextAce CEO Don Cantral. “By understanding how existing automated title offerings provide improved order turn times and lower transactional costs, title companies and lenders can affect their bottom lines while also creating an environment for greater consistency and adherence to business and underwriting standards.”
During the course of the session, panelists also noted the current downturn in the housing market cycle and how this is driving the need for a variable cost production model which automation can deliver. Moreover, the importance of automating data access and extraction was further emphasized due to real estate growth in areas where traditional title plants have been less prevalent or non-existent.
Among the various data access and extraction technologies currently available in the real estate market, the panelists mentioned:
· Optical Character Recognition (OCR) “software as a service” (Saas), including Pattern Data Extraction (PDE) technology
· Web-based access and extraction engines
· XML integration for cross-industry utilization
· Traditional title plant data
· Thin title plant data
· Public data including county-recorder databases, legacy databases, borrower and legal content.
A complete panel presentation can be accessed by visiting www.nextace.com.